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Psy's "Gangnam Style" has just passed Justin Bieber's "Baby" to become the most-viewed YouTube clip of all time.
As NBR ONLINE types, Gangnam has 808 million views to Baby's 804 million by YouTube's official count.
(Overall Bieber maintains a healthy lead, with 3.9 billion views of various videos on his YouTube channel. Psy remains a one-hit wonder.)
But is there any point to this view-fest in the cut-and-paste world of free internet media?
Actually, yes, says entrepreneur Jason Calacanis in his newsletter.
Once a clip gains thousands of views, Google (which owns YouTube) shares ad revenue with the owner.
The amount is negotiable, and depends on volume. Rates are variously quoted at $US1.50 to $US5 CPM, but Mr Calacanis says partners tend to get a CPM of $US2 (that is, $US2 for every 1000 times the clip is viewed).
He estimates Psy would have received the standard $US2 for the first 200 million views (or $US400,000), then an $US8 CPM after that as the break-out nature of the hit allowed him to negotiate a higher rate.
An $US8 CPM would mean $800,000 for every 100 million views from 200 million up to the current 800 million - or another $US4.8 million, taking Psy's total YouTube haul to $US5 million and counting.
Go on, watch it again.
Gangnam style has also sold a reported 600,000+ on iTunes at $US1.29 a pop.
Apple takes 30% from any iTunes sale.
Assuming Psy gets the standard artist royalty of 12% on the remainder ($0.93) then he would pocket just under 11 cents per download - or around $US66,000.
A $US50 million kick?
The most bizarre, and lucrative, Gangnam Style revenue boost is an indirect one.
Psy's father, Park Won-ho, is chairman and controlling shareholder in DI Corp, a South Korean semiconductor company.
DI Corp, the semiconductor company of which
"[Psy] has also worked his magic on his father's software firm, helping it double in value since singer and dancer Psy burst onto the global scene in July," Reuters said in a recent report.
D I Corp saw its market cap surge to 113.5 billion won, or $US101.29 million, although it has since pulled back (see S&P Capital IQ chart above).